South Korea to import more gas and oil from Oman

Feb 09, 2001 01:00 AM

South Korea is expected to import larger quantities of gas and oil from Oman, according to Shin Kook Hwan, South Korean Minister of Commerce, Industry and Energy. "The demand for oil and gas is increasing in South Korea, which means we are going to import more gas and oil from Oman, our steadfast partner," he said. South Korea is the biggest buyer of Oman's LNG.
The first shipment was sent last April. The agreement requires Korea Gas Corp (Kogas) to import 4.1 mm tpy of LNG annually for 25 years. Since then, 19 cargoes of LNG have been exported, of which 15 have been to Kogas. Oman supplies 10 % of South Korea's LNG needs.

Hwan said South Korea is involved in the offshore Bukha Hanjam gas project in Musandam near the Strait of Hormuz. "Given the opportunity, we will go for more joint ventures." He was optimistic about winning the $ 750 mm Sohar Refinery contract.
"Our companies have won contracts in Oman before and we expect to win more," said the minister, referring to Daewoo's $ 65.5 mm deal to build a reef at Sohar port and Hyundai's $ 25.5 mm dredging and reclamation contract for the port due for completion by 2002. Samsung and Hyundai are bidders for the construction of the Sohar Refinery with a planned capacity of 75,000 bpd.
Hwan said talks with Maqbool bin Ali Sultan, Oman's Minister of Commerce and Industry, were very fruitful, marked by the signing of an MoU to promote exports, investment and training. He also met with Ahmed bin Abdulnabi Macki, Minister of National Economy. "The visit has brought us still closer."
Maqbool bin Ali Sultan said the two sides discussed the possibility of joint ventures in tourism and information technology, with both laying increasing emphasis on trade contacts. "We want to benefit from the South Korean experience in the development of small and medium-sized businesses," the Omani minister said.
The Korean minister voiced concern over rising oil prices, hoping the GCC states would impress upon OPEC to stabilise energy supplies.

Oman, an independent oil producer, exported more than 150,000 bpd to South Korea last year.

Source: Al Nisr Publishing LLC
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